FOR THURSDAY: (1/25) The last day and we gave up on our numbers from weeks ago and they finally came in and then some. The higher dollar and higher crude are very helpful now and we wonder if our cycle lows into the end of the month will manifest or not. Usually we can count on grains being lower on Thursdays and the 29/30-day cycle is weak so let’s see what develops. If they don’t go down much on Thursday, a divergent high is possible on Friday.
MARCH CORN (electronic ok)
TODAY’S COMMENTS: (1/25) Support at 354.25 and 353.25 for pullbacks for Thursday. If the market can’t break 352 quickly, the hourly chart could allow 360.50. We’ll stick with shorts for now but the dollar may be changing everything.
OVERALL: Weekly chart trendline support is at 338 and that seems a natural place this market will go this winter. Computer models give a small chance for 320 but we’re dubious.
CYCLES OVERVIEW: Generally lower into Jan. 31.
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